Banking Current Affairs 2018

Welcome to Banking Current Affairs 2018 Section of GKToday. This section has current affairs on banking industry for IBPS Banking Recruitment, RBI Grade B, SBI PO, RRB and other banking examinations. An E-book compilation of latest 300 Banking Current Updates can be downloaded from This Link

US move to raise import duty on steel may hit India’s steel market: ISA

According to Indian Steel Association (ISA), proposal by Trump administration to levy steep tariff on steel imports may hit India’s domestic steel market. Recently, US had proposed to impose tariffs of 25% on steel imports and 10% on imported aluminium to protect domestic steel industry from cheap imports. It had clubbed India as steel non-mature country with other steel surplus nations.

Key Facts

The proposal, if implemented, will result in major shifts in existing global trade flows of steel and steel products. It will encourage steel-surplus nations to divert their exports to vibrant consumption centres (countries) like India and distort their domestic markets considerably. It will dent growth prospects of developing nation like India, whose production and consumption of steel is inward looking.

Though India is third largest producer of steel and produces 12% of world’s non-Chinese production of steel, it has only 2.7% share in US imports. There are total of 16 trade remedies in place in US against Indian steel imports. This included 10 anti-dumping and 6 countervailing duties. All these had made it nearly impossible to export Indian Steel to US.


PSBs begin to rationalise 35 overseas operations

The state-owned banks have started rationalising overseas operations by consolidating 35 operations and closing down non-viable branches as part of the clean and responsible banking initiative. The consolidation oncludes bank branches, remittance centres and representative offices.

It will be without affecting international presence of PSBs in these countries. Moreover, 69 operations also have been identified for further examination. It is part of government’s commitment to ‘clean and responsible banking and move towards cost efficiencies and synergies in overseas market.


The rationalisation of overseas operations of banks comes at the time when jewellery designer Nirav Modi had allegedly cheated Punjab National Bank (PNB) of Rs.12,700 crore in connivance with PNB staff and officials of overseas branches of other state-owned banks.

Presently, public sector banks have about 165 overseas branches, besides subsidiaries, joint ventures and representative offices. State Bank of India (SBI) has largest number of overseas branches (52) followed by Bank of Baroda (50) and Bank of India (29). The state-owned banks have largest number of branches in United Kingdom (32) followed by Hong Kong and UAE (13 each) and Singapore (12). As per the banking sector agenda approved at PSB Manthan in November 2017 public sector banks (PSBs) have to examine all 216 overseas operations.